The Moscow office files

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There can be few audits that have produced such a devious response as PwC’s assessment of the Moscow office of Eurasian Natural Resources.

PwC was asked to audit ENRC’s operations before it floated on the London stock market in 2007. The accountants were particularly interested in a series of holding companies used to transact $840 million of ENRC sales to Russia — the so-called Russian Trading Structure.

PwC sought assurances from ENRC’s Moscow office that the RTS sales between 2004 and 2006 were legitimate, asking for confirmation from customers — including the Mechel and Evraz steel groups — of what they had bought